British Airways owner International Consolidated Airlines Group SA (IAG) has reported record operating profit for the three months to March 31 as it reaped the benefit of lower fuel costs.

The group said operating profit rose 9.7 per cent to €170m (£144m) in what is traditionally the weakest quarter in its trading year, boosted by a 14 per cent reduction in fuel costs and increased demand, notably in corporate bookings.

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“IAG has been able to navigate its way through stormy conditions last year, posting a 31 per cent rise in annual profits in February, so this is continuing the trend and means it's on track to live up to expectations that this year will be even better than last.”

However Wilson added passenger unit revenue is an area of concern, down 7.2 per cent for the quarter, with Brexit also threatening aviation agreements for British airlines flying into the EU.